13226 Vanowen St
Multifamily | 8 Units | $312,500/unit
Marketing description
Located at 13226 Vanowen St, North Hollywood, CA 91605, this 8-unit multifamily investment presents an exceptional value-add opportunity in one of Los Angeles’ most dynamic and transit-connected neighborhoods. Once the vacant units are leased with section 8 tenants the property is estimated to operate at a 5.06% Cap Rate, with immediate upside through the conversion of four existing garages into three ADUs, projecting a 6.63% Cap Rate post-construction. The 3 vacancies ready for lease-up.
Recent capital improvements further enhance the property’s appeal and operational stability. Upgrades include new electrical panels and breakers, fresh landscaping, iron fencing and gates, exterior paint, modern lighting, and a security camera system. Additionally, the property has completed its seismic retrofit. The layout allows for the retention of 10 parking spaces even after the addition of ADUs, and there may be space to add 8 more parking spots along the side of the property, further increasing convenience for tenants.
Strategically located in North Hollywood, the property benefits from proximity to the NoHo Arts District—a thriving cultural hub home to over 20 theaters, art galleries, and dance studios—and is less than a mile from the North Hollywood Metro Station, which is undergoing a $1 billion transformation through the District NoHo development. This 16-acre transit-oriented project will bring nearly 1,500 new housing units, 450,000 sq ft of office space, retail, and green public areas, injecting long-term growth into the submarket.
With a 71 Walk Score, tenants enjoy the ability to walk to nearby shops, restaurants, entertainment, and transit.
Investment highlights
*Financial Metrics* - 5.06% in-place Cap Rate with potential to reach 6.63% post-ADU conversion and 17% average annual return.
*Property Features* - 8 units with 3 current vacancies, completed seismic retrofit, and potential for 3 additional ADUs.
*ADU Potential* - 2 ADUs are RTI, and there is potential to add a third ADU.
*Location Benefits* - Centrally located near the NoHo Arts District, Red/Orange Metro Line, and upcoming mixed-use developments.
*Capital Improvements* - New paint, electrical panels, breakers, security cameras and landscaping, over $100K in capital expenditures.
*Walk Score* - Very walkable neighborhood with a 72 Walk Score—most errands can be done on foot.
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